Oil, Russia’s chief export earner, declined 1.2 percent to
$94.97 in New York. U.S. Federal Reserve Chairman Ben S.
Bernanke -- returning this week to the scene of a 2010 speech
that foreshadowed a second round of quantitative easing -- may
disappoint investors looking for him to signal new stimulus,
economists said before his Aug. 31 speech at the Fed’s annual
symposium in Jackson Hole, Wyoming.

“The markets are looking to the end of the week, Bernanke
is unlikely to implement more easing measures,” Mark
Rubinstein, head of research at Metropol IFC, said by phone.
“It’s a seasonally slow week, very low volume trading.”

The volume of shares traded in the Micex was 52 percent
lower than the daily average of the past 30 days as London was
closed for a public holiday, according to data compiled by
Bloomberg.

Bernanke Expectations

China’s Premier Wen Jiabao called for extra measures to
support exports and help meet economic targets, the official
Xinhua News Agency said Aug. 25.

“This week, the discussion on markets will likely be
dominated by what to expect” from Bernanke, Troika Dialog chief
strategist Chris Weafer said in a research note. “Markets will
also be sensitive to any further comments from German leaders”
and the European Central Bank concerning Greece’s request to
restructure its bailout deal, he said.

OAO Mobile Telesystems dropped 0.3 percent to $18.235 at
11:43 a.m. in New York before Russia’s biggest mobile phone
company announces earnings tomorrow. Otkritie Capital cut MTS to
hold from buy on the weaker ruble and reduced its price estimate
for American depositary receipts to $21 from $22.80, according
to today’s report.

Fund Outflows

Russia-dedicated equity funds posted outflows of $20
million in the week ended Aug. 22, compared with an inflow of
$23 million a week earlier, according to Troika Dialog, which
cited EPFR Global data.

The Micex trades at 5.4 times estimated earnings after
gaining 3.3 percent this year. That compares with 10 times for
the MSCI Emerging Markets Index, which has added 4.9 percent.

Russian equities trade at the cheapest valuations among 21
emerging markets tracked by Bloomberg. The oil and gas industry
contribute about 50 percent to the government’s revenue.